Investment Lawyer

Broker David Sosa in Cetera Investment Services LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker David Sosa (Sosa), currently employed by Cetera Investment Services LLC has been subject to at least one disclosable event. These events include one customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), Sosa’s most recent customer complaint alleges that Sosa recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.

FINRA BrokerCheck shows a pending customer complaint on December 02, 2024.

Client states he did not authorize the purchase of structures products

There are Recent Customer Complaints with Broker Mark Martin in Firm Integrity Alliance, Llc.

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Martin (Martin), currently associated with Integrity Alliance, Llc., has at least one disclosable event. These events include one customer complaint, alleging that Martin recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on November 26, 2024.

Insurance agent sold client [redacted] a fixed annuity with colorado banker life. Colorado bankers life became insolvent. Agent is named in civil litigation filed by the client in the state of pennsylvania

There are Recent Customer Complaints with Broker James Peterson in Firm Raymond James Financial Services, Inc.

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Peterson (Peterson), currently associated with Raymond James Financial Services, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Peterson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 27, 2024.

Client alleged the advisor misappropriated funds and accepted forged documents to establish accounts. Allegation activity dates: 4/26/2010 – 12/24/24.

Broker Michael Tannery in Independent Financial Group, LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

Currently financial advisor Michael Tannery (Tannery), currently employed by brokerage firm Independent Financial Group, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on January 03, 2025.

The statement of claim does not contain any specific information on which investments were not suitable, just that the complexities of the investments were not fully explained, and the risks were not disclosed in a fair and balanced manner (including their illiquidity, lack of transparency and the nature of a complex alternative investment such as a reit).

Broker Joseph Gibbons in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joseph Gibbons (Gibbons), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Gibbons recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 13, 2024.

Customer alleges unsuitable investments from april 2011 to november 2024.

Moloney Securities Broker Shane DeSherlia Has Three Customer Complaints

July 17, 2024 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Shane DeSherlia (DeSherlia) has at least three disclosable events. These events include three customer complaints alleging that DeSherlia engaged in some form of investment related misconduct in the handling of the client’s accounts. DeSherlia is currently employed by Moloney Securities Co., Inc. (Moloney Securities). DeSherlia’s customer complaints allege that DeSherlia recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

In July 2023 a customer complained that DeSherlia violated the securities laws by alleging that DeSherlia made unsuitable and negligent investment recommendations in the 2019-2020 time period resulting in $500,000 in damages. The claim is currently pending.

In July 2023 a customer complained that DeSherlia violated the securities laws by alleging that DeSherlia made unsuitable and negligent investment recommendations in the 2018-2020 time period resulting in $182,000 in damages. The claim settled for $65,000.

Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated “Regulation Best Interest” which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Advisor Barbara Shaffer Had Customer Complaints Relating to GPB

February 4, 2024 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA), advisor Barbara Shaffer (Shaffer), currently employed at Cambridge Investment Research, Inc. (Cambridge), has been subject to at least four customer complaints during the course of her career. Several of those complaints against Shaffer allege that Shaffer engaged in authorized trading and recommended unsuitable investments, including into the GPB Ponzi scheme among other allegations of misconduct relating to the handling of their accounts. However, three of these complaints have been expunged from Shaffer’s record under FINRA’s notoriously flawed expungement procedures.

In January 2020, a customer complained that Shaffer violated securities laws by alleging that Shaffer engaged in negligent investment advice and breach of fiduciary duty. The claim alleged $100,000 in damages and settled for $45,000.

In another complaint, the customer alleged unsuitability and breach of fiduciary duty against focused on a $100,000 investment in GPB Automotive Fund, L.P. The GPB funds were later accused of being a Ponzi Scheme by many regulators and its executive officers have been indicted by the DOJ.

Securities Arbitration – The Basics: What you need to know.

February 23, 2023 | by Staff Attorney

Securities arbitration is a method of resolving disputes between investors and their brokers or brokerage firms, which is governed by the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that oversees the securities industry and provides a forum for resolving disputes between investors and their brokers or brokerage firms.

Securities arbitration through FINRA is a legal process that allows investors to seek redress for claims arising out of their investment accounts, such as fraud, breach of fiduciary duty, unsuitable investment recommendations, selling away or other misconduct. Securities arbitration is generally faster and less expensive than going to court, and the decision of the arbitrator is final and binding on both parties. It is important for investors to understand their rights and legal options if they believe they have been the victim of misconduct by their broker or brokerage firm.

To initiate a securities arbitration through FINRA, an investor must file a Statement of Claim with FINRA, which sets forth the facts and legal basis for the claim. The Statement of Claim must be filed within six years from the occurrence or event giving rise to the claim. However, the occurrence or event that gives rise to a claim is usually considered the date of damages, or the date a reasonable investor knew or should have known about the claim. While brokerage firms usually argue it is the date of purchase, most arbitration panels disagree with that analysis.

Anthony Gallea Has Complaints Over Complex Options Trading

October 5, 2022 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Anthony Gallea (Gallea) has at least four disclosable event. The four events are customer complaints alleging that Gallea engaged in some form of investment related misconduct in the handling of the client’s accounts. Gallea is currently employed by Morgan Stanley. Gallea’s customer complaints alleges that Gallea recommended unsuitable investments in a complex options trading strategy among other allegations and complaints.

In May 2022 a customer complained that Gallea violated the securities laws by alleging that Gallea unsuitability with respect to option trading strategy implemented in the account from 2018 through 2022. The claim is currently pending.

In April 2022 a customer complained that Gallea violated the securities laws by alleging that Gallea unsuitability with respect to option trading strategy implemented in the account from 2019 through 2021. The claim is currently pending.

An option is a contract that allows an investor to buy or sell an underlying security at a predetermined price over a certain period of time. Buying an option that allows you to buy shares at a later time is called a “call option,” and buying an option that allows you to sell shares at a later time is called a “put option.” Options are considered derivative securities because their price is derived from the value of the securities or other underlying instruments. The value change in options as they approach expiration is what is called time decay – meaning their value decays over time as expiration nears. Accordingly, an options trading strategy involving many options trades needs to be managed closely. Due to the risks of trading options FINRA has special rules and requirements related to their trading and to qualify investors for options trading.

Advisor Thomas Kintz Has a Suitability Complaint

September 14, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Thomas Bradley Kintz (Kintz), currently employed by T3 Trading Group, LLC (T3 Trading) and formerly with Benjamin F. Edwards & Company, Inc. (Benjamin F. Edwards) has been subject to at least one customer complaint during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Kintz’s customer complaint alleges that Kintz recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts.

In January 2021, a customer complained that Kintz violated the securities laws by alleging that Kintz engaged in unsuitable investment advice regarding exchange traded products. Further, the claim alleges Kintz engaged in unauthorized and excessive trading. The damage amount requested was $100,000. The claim settled in the amount of $65,000.

Additionally, Kintz was involved in three financial actions. In December 2015, the financial action was compromised and discharged. In August 2013, the financial action was compromised and discharged. In May 2013, the financial action was satisfied and released.